$CXO plans to publicly offer two new series of its senior unsecured notes, one of which will mature in 2027 and the other in 2047. $CXO plans to use net proceeds from the offering, together with cash on hand and borrowings under its credit facility, to fund the purchase of its 5.5% Senior Notes due 2022 and 5.5% Senior Notes due 2023.

$CXO announced that Joe Wright, EVP and COO, has been appointed to the BoD. Wright announced his intention to retire as an officer of the company in Jan. 2019. Additionally, Jack Harper, currently EVP and CFO, has been named President and CFO. Will Giraud will continue to serve as EVP until Jan. 2019, when he will succeed Joe Wright as COO.

$CXO's production for 1Q17 was an average of 0.18MM Boe per day, up 30%. Crude oil production totaled 113.6 thousand barrels per day, up 28%. Average daily natural gas production totaled 406.6 million cubic feet. During the quarter, Concho averaged 21 rigs, vs. 18 rigs in 4Q16.

In 1Q17, total operating revenues for $CXO more than doubled to $612MM from $284MM, as the oil and gas explorer returned to profit with a net income of $650MM from last year's loss of $1.02Bil. Net earnings were $4.37 per diluted share from a loss of $7.95 per share a year ago.

$CXO plans to reinvest cash flow so its current capital outlook
of $1.6-1.8Bil is funded entirely through cash flow from operations and will
deliver production growth of 20-24%. In Northern Delaware, $CXO plans to
average 8 rigs with over two-thirds of its capital targeting the Avalon and
Wolfcamp zones.

During 2016, $CXO actively managed its acreage position by
divesting non-core assets which helped fund acquisitions. The company announced
a $2.4Bil acquisition during the year adding nearly 1500 high rate of return
locations to its drilling inventory with associated resource of over 1Bil net
barrels.

In relation to the sale of the ownership interests in Alpha Holding Company to $PAA, $CXO said the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was terminated early by the United States Federal Trade Commission. $CXO expects to close the transaction the week of Feb. 13, 2017.

$CXO and Frontier Midstream Solutions entered into separate agreements to sell 100% of their respective ownership interests of Alpha Holding, the owner of Alpha Crude Connector system (ACC), to $PAA for $1.215Bil. After adjusting for debt and working capital, $CXO expects to receive net cash proceeds of about $800MM. Closing will occur in 1H17.

$CXO said it agreed to buy approx. 24,000 gross acres in the northern Delaware Basin for about $430MM. Consideration in the transaction includes about $150MM of cash and 2.18MM shares of common stock. The acquisition is expected to close in Jan. 2017 and is subject to customary closing conditions.

$CXO said in terms of managing the portfolio, the company is
looking to add bolt-on acreage in the core areas and reduce them outside the
core areas. The company believes there will be more trading happening in the
industry as it is prudent to own large blocks of acreage in core areas.

During 3Q16, $CXO announced the acqusition of 40,000 core net acres
in the Midland Basin. The acquisition closed in October. The company is currently
running one rig on these assets with plans to add a second rig in early 2017.

In the Northern and Southern Delaware Basin, $CXO delivered
30-day production rates and achieved record average lateral lengths across all
assets during 3Q16. The resource potential in the Northern Delaware Basin is
abundant and with more than 300,000 gross acres, the company has significant
leverage to the stacked resource.

$CXO said it plans to direct approx. 25% of total drilling capital to the southern Delaware Basin, where the company plans to operate an average of four rigs during 2017. The company also expects the average lateral length for wells completed in 2017 to be approx. 10,000 feet, up 25% YoverY.

For 4Q16, $CXO expects production to average between 164-167 MBoepd. The company expects its total CapEx for 2016 to be $1.3Bil, within its guidance range of $1.1-1.3Bil. $CXO is also targeting 20% compound annual growth over the next three years within anticipated cash flows.

$CXO said it is raising its 2016 production growth target to 5%, as a result of drilling efficiencies, completion optimization and portfolio high grading. The company also expects to execute a $1.4-1.6Bil capital program during 2017 and deliver production growth of 17-20% over a robust 2016 production outlook.

Oil and gas producer $CXO reported net loss for 3Q16 compared
to net income in the year ago quarter. Net loss for the quarter was $51.15MM,
or $0.38 per share compared to a net income of $179.66MM or $1.49 per share a
year ago. Operating revenues declined 7.10% to $430.55MM. Excluding items, $CXO
earned $0.32 per share.